In this edition we continue our series on the practical implications of the revised ASX Corporate Governance Principles, specifically gender diversity, and we also look at how the new hedge accounting principles contained in AASB 9 Financial Instruments finally reflect the economic reason to hedge.

We draw attention to some recent developments, including; discount rates changing for employee benefit provisions in 30 June 2015 financial statements, the likely delay in the application date of the new revenue standard, AASB 15 Revenue from Contracts with Customers, and ASIC starting to penalise entities that fail to lodge financial reports.

Lastly, we look at some proposals to change accounting for not-for-profit entities, including income recognition, and for public sector not-for-profit entities, relief from some fair value disclosures.